- Bitcoin could match gold’s monetary value, hitting a $300,000 value by the 2028 halving event, according to Mark Yusko, CEO of Morgan Creek Capital Management.
- Yusko’s prediction stems from Bitcoin’s divisibility, portability, and controlled supply economics due to the recurring halving process.
In a recent discussion on CoinDesk TV’s First Mover, Mark Yusko, Founder and CEO of the $1.6 billion asset management firm Morgan Creek Capital Management, claimed that Bitcoin could reach a staggering $300,000 valuation by 2028. This estimation comes from a comparative analysis between Bitcoin and gold, with Bitcoin tipped to match the precious metal’s value in the near future.
Bitcoin vs. Gold: A Race to Valuation
Comparing the properties of Bitcoin and gold, Yusko points out that unlike gold, Bitcoin is both portable and divisible. Moreover, the scarcity factor shared by both assets further strengthens the case for Bitcoin’s potential surge. Yusko makes a case for Bitcoin replacing gold’s current monetary value of approximately $6 trillion.
“the monetary equivalent of $6 trillion is about a 10X from here, which gives us a price of about $300K.”
This ambitious projection for Bitcoin’s value is pinned for 2028, coinciding with a significant event in Bitcoin’s life cycle – the halving.
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About every four years, Bitcoin undergoes a ‘halving’ event. This mechanism involves reducing by half the rewards that miners receive for successfully mining a block. The objective is to control the blockchain’s supply economics, mitigating inflationary pressures on the cryptocurrency. The next halving event is due around April 2024, with another following in 2028.
The $300,000 price tag is predicated on historical data showcasing Bitcoin’s price behavior post-halving. Yusko suggests that each halving event has added a zero to Bitcoin’s value, projecting that the digital currency could hit $100,000 by April next year.
This bullish outlook on Bitcoin aligns with forecasts from other crypto enthusiasts. Recently, British multinational bank, Standard Chartered, and crypto services provider Matrixport, predicted Bitcoin prices hitting $120,000 and $125,000 respectively within the next few years. As of now, Bitcoin has registered a 70% growth since the year’s start, with its current trading value standing at $29,300.
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